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Author Topic: Statement about the suspect of recent Bitcoinica hack  (Read 124686 times)
JoelKatz
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July 30, 2012, 10:39:57 PM
 #601

The worst case scenario would be if they start making proportional payments to the largest depositors based on assets they believe they currently hold only to discover they no longer hold those assets. For example, imagine if they calculated they could make 85% payouts prior to this last theft and started making those payouts. Then they discover the theft and no longer have enough funds to make 85% payouts. Then what?

On the flip side, the longer they hold the money, the less chance there will be any left to distributed.

I am an employee of Ripple.
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DarkEmi
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July 30, 2012, 11:19:10 PM
 #602

I would like to thank roger from memorydealer, patrick & the exchanges as well as all the others helping in the process and the honnest people trying to gather information here and there.

You guys have helped me sleep better these last few days, and I imagine the other creditors as well. Needless to say I am 100% supporting any action trying to go forward.

I have 5021 btc in claim and lets say that I have been more than disapointed by the bitcoinica management from intersango. I am not saying more because attacks are useless but you can imagine how I feel about them.
I am still unsure about Zhou so I'll left this at it...

speculate on the mtgox price - http://www.btcoracle.com/
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check_status
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July 31, 2012, 12:07:11 AM
 #603

Quote from: zhoutong
Also any official/legal correspondence can be mailed to:

po.box.zhoutong.com
PO Box 465
Carlton South VIC 3053
Australia

(Yes, please address it with "po.box.zhoutong.com" instead of my name.)

Quote
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Is this a legitimate service?

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If BTC became the global currency & money supply = 100 Trillion then ⊅1.00 BTC = $4,761,904.76.
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virtuallylaw
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July 31, 2012, 12:14:24 AM
 #604

All,

I know you would all like more frequent updates. I am doing my best to keep people informed while also maintaining confidences and frankly finding time to post.

So it's clear, my first priority is to help get funds distributed back to claimants in a fast, fair and orderly process. Unfortunately, there are some things that need to be addressed and processes followed to make that happen. These things take time and effort, so if you feel that I'm not keeping people in the loop it's probably because I'm spending my time aggressively pursuing the objective stated above.

There will be more news to announce soon. Things are happening and getting resolved. I'm sure everyone here can appreciate that this is a complex matter and it's not going to happen overnight.

Additionally, so there isn't any confusion or misunderstanding. The funds that have been most recently recovered are being moved to a safer form of cold storage. I will post details of the transaction here shortly.

Thank you for your patience,
Patrick
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July 31, 2012, 12:37:12 AM
 #605

The funds that have been most recently recovered are being moved to a safer form of cold storage.
Patrick

This type of GCold storage?


I hope this turns out to be a good thing for the investors. What percentage do you expect will be restored and how much involvement will Intersango have in the process?

For Bitcoin to be a true global currency the value of BTC needs always to rise.
If BTC became the global currency & money supply = 100 Trillion then ⊅1.00 BTC = $4,761,904.76.
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virtuallylaw
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July 31, 2012, 02:26:34 AM
 #606

As promised here are details of the transaction: http://blockchain.info/address/1LH6Q1ZXvdQepz8hfQd7kx6XHrggz1VkzD.
kiba
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July 31, 2012, 03:08:20 AM
 #607

All,

I know you would all like more frequent updates. I am doing my best to keep people informed while also maintaining confidences and frankly finding time to post.

So it's clear, my first priority is to help get funds distributed back to claimants in a fast, fair and orderly process. Unfortunately, there are some things that need to be addressed and processes followed to make that happen. These things take time and effort, so if you feel that I'm not keeping people in the loop it's probably because I'm spending my time aggressively pursuing the objective stated above.

There will be more news to announce soon. Things are happening and getting resolved. I'm sure everyone here can appreciate that this is a complex matter and it's not going to happen overnight.

Additionally, so there isn't any confusion or misunderstanding. The funds that have been most recently recovered are being moved to a safer form of cold storage. I will post details of the transaction here shortly.

Thank you for your patience,
Patrick

How much do you understand about bitcoin? Are you briefed on how to store it properly? I hope you don't forget the password or something

No offense to you, but if Tihan managed to screw it up by storing bitcoin in a hot wallet, then I am going to be skeptical of anybody who's holding money.

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July 31, 2012, 03:21:13 AM
 #608

All,

I know you would all like more frequent updates. I am doing my best to keep people informed while also maintaining confidences and frankly finding time to post.

So it's clear, my first priority is to help get funds distributed back to claimants in a fast, fair and orderly process. Unfortunately, there are some things that need to be addressed and processes followed to make that happen. These things take time and effort, so if you feel that I'm not keeping people in the loop it's probably because I'm spending my time aggressively pursuing the objective stated above.

There will be more news to announce soon. Things are happening and getting resolved. I'm sure everyone here can appreciate that this is a complex matter and it's not going to happen overnight.

Additionally, so there isn't any confusion or misunderstanding. The funds that have been most recently recovered are being moved to a safer form of cold storage. I will post details of the transaction here shortly.

Thank you for your patience,
Patrick

How much do you understand about bitcoin? Are you briefed on how to store it properly? I hope you don't forget the password or something

No offense to you, but if Tihan managed to screw it up by storing bitcoin in a hot wallet, then I am going to be skeptical of anybody who's holding money.

I can't discuss any details for obvious, security reasons. But I do understand your concern.
Yankee (BitInstant)
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July 31, 2012, 03:27:05 AM
 #609

All,

I know you would all like more frequent updates. I am doing my best to keep people informed while also maintaining confidences and frankly finding time to post.

So it's clear, my first priority is to help get funds distributed back to claimants in a fast, fair and orderly process. Unfortunately, there are some things that need to be addressed and processes followed to make that happen. These things take time and effort, so if you feel that I'm not keeping people in the loop it's probably because I'm spending my time aggressively pursuing the objective stated above.

There will be more news to announce soon. Things are happening and getting resolved. I'm sure everyone here can appreciate that this is a complex matter and it's not going to happen overnight.

Additionally, so there isn't any confusion or misunderstanding. The funds that have been most recently recovered are being moved to a safer form of cold storage. I will post details of the transaction here shortly.

Thank you for your patience,
Patrick

How much do you understand about bitcoin? Are you briefed on how to store it properly? I hope you don't forget the password or something

No offense to you, but if Tihan managed to screw it up by storing bitcoin in a hot wallet, then I am going to be skeptical of anybody who's holding money.

Kiba, Patrick has been our Director of Legal Affairs and is extremely well versed in Bitcoin.

I can tell you that top community members and security expects helped Patrick secure these funds.

Bitcoin pioneer. An apostle of Satoshi Nakamoto. A crusader for a new, better, tech-driven society. A dreamer.

More about me: http://CharlieShrem.com
casascius
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July 31, 2012, 03:53:09 AM
 #610

Kiba, Patrick has been our Director of Legal Affairs and is extremely well versed in Bitcoin.

I can tell you that top community members and security expects helped Patrick secure these funds.

+1 they did some good due diligence and they're likely safe and sound.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper wallets instead.
BitBuster
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July 31, 2012, 11:55:53 AM
 #611

It's unlikely that there's going to be an issue regarding him receiving or holding the funds in trust.
I politely disagree.

The National Stolen Property Act makes illegal any of the following acts:

    Transportation
    Transmittal
    Transfer
    Receipt
    Possession
    Concealment
    Storage
    Barter
    Sale, or
    Disposal

of any goods, wares, merchandise, securities, money or articles used in counterfeiting valued at $5,000 or more. The courts have held that the goods need not be stolen in the U.S. nor be owned by a U.S. citizen to be subject to the Act.


I note that in his most recent response (which actually tells us nothing new), Patrick has again neglected to tell us if he has obtained a warrant for his actions and what he is permitted to do. As you should all be able to tell, this is a pretty important area of ambiguity that needs clarification. Please answer the question Patrick.


BB.
lonelyminer (Peter Šurda)
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July 31, 2012, 12:22:30 PM
 #612

I note that in his most recent response (which actually tells us nothing new), Patrick has again neglected to tell us if he has obtained a warrant for his actions and what he is permitted to do. As you should all be able to tell, this is a pretty important area of ambiguity that needs clarification. Please answer the question Patrick.
Patrick acted upon the request of Bitcoinica's creditors. Since Bitcoinica, to our best knowledge, did not file a police report, nor seems to care whether the funds are returned to the creditors or not, it might be possible to argue that the creditors are the legitimate owners.
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July 31, 2012, 12:48:10 PM
 #613

I'm not talking about permission from Bitcoinica/Intersango, I'm talking about a legal warrant that allows him to do what would otherwise be considered a criminal act. On what legal authority is he operating?


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July 31, 2012, 12:53:26 PM
 #614

I would like to thank roger from memorydealer, patrick & the exchanges as well as all the others helping in the process and the honnest people trying to gather information here and there.
+1

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July 31, 2012, 12:56:11 PM
 #615

I note that in his most recent response (which actually tells us nothing new), Patrick has again neglected to tell us if he has obtained a warrant for his actions and what he is permitted to do. As you should all be able to tell, this is a pretty important area of ambiguity that needs clarification. Please answer the question Patrick.
Patrick acted upon the request of Bitcoinica's creditors. Since Bitcoinica, to our best knowledge, did not file a police report, nor seems to care whether the funds are returned to the creditors or not, it might be possible to argue that the creditors are the legitimate owners.
^this - therefor:
I'm not talking about permission from Bitcoinica/Intersango, I'm talking about a legal warrant that allows him to do what would otherwise be considered a criminal act. On what legal authority is he operating?
Funds have been stolen? They have been in some sort of safe deposit at ZT, and now they are on their way to the creditors. All is fine.
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July 31, 2012, 01:02:37 PM
 #616

I note that in his most recent response (which actually tells us nothing new), Patrick has again neglected to tell us if he has obtained a warrant for his actions and what he is permitted to do. As you should all be able to tell, this is a pretty important area of ambiguity that needs clarification. Please answer the question Patrick.
Patrick acted upon the request of Bitcoinica's creditors. Since Bitcoinica, to our best knowledge, did not file a police report, nor seems to care whether the funds are returned to the creditors or not, it might be possible to argue that the creditors are the legitimate owners.
^this - therefor:
I'm not talking about permission from Bitcoinica/Intersango, I'm talking about a legal warrant that allows him to do what would otherwise be considered a criminal act. On what legal authority is he operating?
...They have been in some sort of safe deposit at ZT, and now they are on their way to the creditors....

How much of the funds?

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July 31, 2012, 01:05:31 PM
 #617

Funds have been stolen? They have been in some sort of safe deposit at ZT, and now they are on their way to the creditors. All is fine.

Not quite.  ZT stole 20k of bitcoins - only 15k have been recovered.  What happened to the other 5k?  Are we giving them to ZT as a thank you gift?

I'm into creating universes, smiting people, writing holy books and listening to prayers.
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July 31, 2012, 01:10:09 PM
 #618

Funds have been stolen? They have been in some sort of safe deposit at ZT, and now they are on their way to the creditors. All is fine.

Not quite.  ZT stole 20k of bitcoins - only 15k have been recovered.  What happened to the other 5k?  Are we giving them to ZT as a thank you gift?

40K BTC and 40K USD were taken.

https://bitcointalk.org/index.php?topic=93074

Gyrsur
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July 31, 2012, 01:30:04 PM
 #619

Funds have been stolen? They have been in some sort of safe deposit at ZT, and now they are on their way to the creditors. All is fine.

Not quite.  ZT stole 20k of bitcoins - only 15k have been recovered.  What happened to the other 5k?  Are we giving them to ZT as a thank you gift?

40K BTC and 40K USD were taken.

https://bitcointalk.org/index.php?topic=93074



Matthew N. Wright
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July 31, 2012, 01:32:39 PM
 #620

Truth 6: I didn't steal the money.

ZT stole 20k of bitcoins

At least Zhou is providing information. What are you doing other than frothing?

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